showed the following selected asset balances on Dec 31, 2020
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- Equipment acquired on January 3,20Y1, at a cost of $412,500, has an estimated useful life of 20 years and an estimated residual a. What was the annual amount of depreciation for the years 20Y1,20Y2, and 20Y3, using the straight-line method of depreciation? Round annual depreciation to the nearest dollar and use this amount in your follow-on calculations. Depreciation expense \table[[20Y1,$Endblast Productions showed the following selected asset balances on December 31, 2020: Land Building Accumulated depreciation, building¹ Equipment Accumulated depreciation, equipment² 1Remaining estimated useful life is eight years with a residual value of $60,000; depreciated using the straight-line method to the nearest whole month. 2Total estimated useful life is 10 years with a residual value of $24,000; depreciated using the double-declining-balance method to the nearest whole month. Required: Prepare the entries for each of the following. (Round intermediate calculations to the nearest whole dollar.) 1. The land and building were sold on September 27, 2021, for $620,000 cash. 2. The equipment was sold on November 2, 2021, for $95,200 cash. $ 452,800 582,400 416,000 199,200 60,000onsider the following data on an asset:Cost of the asset, I $235,000Useful life, N 5 yearsSalvage value, S $ 60,000Compute the annual depreciation allowances and theresulting book values, using(a) The straight-line depreciation method.(b) The double-declining-balance method
- Description You are to create a year-by-year depreciation schedule for an asset that has a cost basis (B) of $950,000 and estimated salvage value (SV 10) of $80,000 after 10 years. For the straight-line and declining balance methods, use a depreciable life (N) of 10 years. For MACRS, use a recovery period (N) of 7-yrs. ΕΟΥ, Κ 0 1 2 3 st 4 5 6 7 8 'a 9 10 Straight-Line BVk $950,000 Declining Balance dk BVk $950,000 dk MACRS BVk 950,000FE20 Below details are from Carryit Inc and have approached you to assist with depreciationEquipment Cost $1,055,000Salvage Value $25,000Expected life Years 10Calculate Depreciation as per straight line method, provide necessary journal entry fordepreciation and advise the closing balance of the equipment at the end of year 3.Computing Depreciation Using Various Depreciation Methods To demonstrate the computations involved in several methods of depreciating a fixed asset, the following data are used for equipment purchased on January 1, 2020. Cost and residual value Estimated service life: Acquisition cost $26,250 Years 5 Residual value $1,050 Service hours 21,000 Productive output (units) 50,400 e. Double-declining-balance method: Compute the depreciation amount for each year. 2020 2021 2022 2023 2024 Answer Answer Answer Answer Answer
- Endblast Productions showed the following selected asset balances on December 31, 2023: Land Building Accumulated depreciation, building¹ Equipment Accumulated depreciation, equipment² $476,800 606,400 425,600 211, 200 72,000 ¹Remaining estimated useful life is eight years with a residual value of $40,000; depreciated using the straight-line method to the nearest whole month. 2Total estimated useful life is 10 years with a residual value of $24,000; depreciated using the double-declining-balance method to the nearest whole month. Required: Prepare the entries for each of the following. (Round intermediate calculations to the nearest whole dollar.) 1. The land and building were sold on September 27, 2024, for $655,000 cash. View transaction listUse the following data: Asset cost $120,000 Expected life 4 years Estimated salvage value $12,000 Using the sum-of-the-years-digit method, the amount of depreciation for the third year would be Question 12 options: $28,000. $21,600. $30,000. $48,600.Calculate the depreciation life (N) If annual depreciation charge is 750$, salvage value 2500$ and cost of an asset is 10000$ using the Straight Line Depreciation rule. Select one: а. 10 years b. 12 years c. 9 years
- 18 000 $ 6. Cost Estimated useful life (years) Estimated useful life (kilometers) Expected salvage value 100 000 2 000 $ kilometers expected used are: Year Unit of activity (kilometers) 2015 22 000 2016 31 000 2017 25 000 2018 28 000 2019 15 000 2020 19 000 Required: Prepare schedule of depreciation based on the following methods - Straight Line Method - Double Declining Method - Method Sum of YearAssume 10% salvage value, 5yr estimated useful life, and assume the asset was purchased on May 1st 2019 (assume co's year-end is Dec 31st). Machine purchase price = $325,000, cost to 5 of 6 ship & install the machine $25,000. 1. For 2019 and 2020 only: Calculate Depreciation Exp using Straight Line, Double Declining Balance and Sum of the Year's Digits 2. For all 3 of the depreciation methods above, show the Net Book Value at the end of 2020 3. Using Straight Line Deprec, assume the co sold this asset on 4/30/21 for $280,000: a. calculate any gain or loss on the sale b. make the entry to record the sale of the assetComputing Partial Period Depreciation under Multiple Depreciation Methods To demonstrate the computations involved in several methods of depreciating a fixed asset, the following information is provided. Cost and residual value Estimated service life Acquisition cost $62,500 Years 5 Residual value $2,500 Service hours 50,000 Productive output (units) 120,000 d. Sum-of-the-years’-digits method: Compute the depreciation amount for each year. 2020 2021 2022 2023 2024 2025 Answer Answer Answer Answer Answer Answer e. Double-declining-balance method: Compute the depreciation amount for each year. 2020 2021 2022 2023 2024 2025 Answer Answer Answer Answer Answer Answer Required Compute the annual depreciation using each of the following methods assuming that the asset was purchased on August 1, 2020.